Nuveen Announces Completion of Two Municipal Closed-End Fund Mergers

Nuveen, an operating division of TIAA Global Asset Management, today announced that the reorganizations of nine national municipal closed-end funds were completed prior to the open of the New York Stock Exchange on September 12, 2016. Additionally, as previously announced the two acquiring funds, Nuveen Dividend Advantage Municipal Fund and Nuveen AMT-Free Municipal Income Fund, have been renamed the Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund, respectively. The funds will continue to trade under the symbols NAD and NEA.

As part of the previously announced reorganization, the funds have been merged as follows:

Acquired Fund

Symbol

Acquiring Fund

Symbol

        
      
      
        
          Nuveen Premier Municipal Income Fund, Inc.
        
        
           
        
        
           
        
        
           
        
        
          

NPF

Nuveen Dividend Advantage Municipal Fund, to be renamed Nuveen Quality Municipal Income Fund

NAD

        
      
      
        
          Nuveen Premium Income Municipal Fund, Inc.
        
        
        
        
        
        
        
        
          

NPI

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Nuveen Select Quality Municipal Fund, Inc.
        
        
        
        
        
        
        
        
          NQS
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Nuveen Investment Quality Municipal Fund, Inc.
        
        
           
        
        
           
        
        
           
        
        
          NQM
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          Nuveen Municipal Market Opportunity Fund, Inc.
        
        
        
        
        
        
        
        
          NMO
        
        
        
        
        
        
        
        
          

Nuveen AMT-Free Municipal Income Fund, to be renamed Nuveen AMT-Free Quality Municipal Income Fund

NEA

        
      
      
        
          Nuveen Premium Income Municipal Fund 2, Inc.
        
        
        
        
        
        
        
        
          NPM
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Nuveen Performance Plus Municipal Fund, Inc.
        
        
           
        
        
           
        
        
           
        
        
          NPP
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

In the mergers, NAD and NEA acquired substantially all of the assets and liabilities of the respective acquired funds as set forth above, in tax-free transactions in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on September 9, 2016. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of NAD and NEA are listed below:

Fund

Exchange Ratio

        
      
      
        
          Nuveen Municipal Market Opportunity Fund, Inc
        
        
           
        
        
           
        
        
           
        
        
          1.01538170
        
      
      
        
          Nuveen Premium Income Municipal Fund 2, Inc
        
        
           
        
        
           
        
        
           
        
        
          1.02834601
        
      
      
        
          Nuveen Performance Plus Municipal Fund, Inc
        
        
           
        
        
           
        
        
           
        
        
          1.07649194
        
      
      
        
          Nuveen Premier Municipal Income Fund, Inc
        
        
           
        
        
           
        
        
           
        
        
          0.98481723
        
      
      
        
          Nuveen Premium Income Municipal Fund, Inc
        
        
           
        
        
           
        
        
           
        
        
          1.00361406
        
      
      
        
          Nuveen Select Quality Municipal Fund, Inc
        
        
           
        
        
           
        
        
           
        
        
          1.02007130
        
      
      
        
          Nuveen Investment Quality Municipal Fund, Inc
        
        
           
        
        
           
        
        
           
        
        
          1.02891867
        
      
      
        
        
        
           
        
        
           
        
        
           
        
        
        
      
    
    

Additionally, preferred shareholders of each acquired fund received an equivalent number of newly issued preferred shares from the respective acquiring funds, with substantially the same terms as their previous preferred shares.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the advisors who serve them. Through the investment expertise of leading asset managers across traditional and alternative asset classes, Nuveen is committed to delivering consultative guidance that aligns with client needs. Funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen website at www.nuveen.com.

The information contained on the Nuveen website is not a part of this press release.

19097-INV-O-09/17

View source version on businesswire.com: http://www.businesswire.com/news/home/20160912005504/en/

NuveenMedia Contact:Kristyna Munoz, [e-mail]